Why St James’s Place (SJP) Is Facing Criticism — and What It Means for Cirencester Clients

August 19, 2025

If you’re searching for an alternative SJP adviser or financial adviser in Cirencester, now is the perfect time for a review. Especially given recent scrutiny of Stn  James’s Place and growing consumer concern over fees, fund performance, and transparency.

St. James’s Place (SJP), one of the UK’s largest wealth management firms, has been in the headlines recently for all the wrong reasons. The Financial Conduct Authority (FCA) has been scrutinising their charging structure. Sparking changes that have left many clients questioning whether they are really getting value for money.

For clients in Cirencester and the surrounding areas — where SJP’s head office is based — this is a timely reminder to review their financial plans and consider whether an independent financial adviser (IFA) could offer a better alternative.

Why Is SJP Facing Criticism?

Several issues have put SJP under the spotlight:

Fees and charging structure – The FCA has pushed SJP to move away from certain fees that critics argue lack transparency, particularly exit charges that can apply if clients leave early.
Commission-like arrangements – Unlike independent advisers, who have been banned from taking commission since the Retail Distribution Review (RDR) in 2013, SJP “partners” still benefit financially when recommending their own products.
Fund performance – Many SJP funds have underperformed compared with cheaper and more diverse alternatives available in the wider market.
- More than 25% of SJP funds have been flagged for failing to deliver value; assessments reveal 13 funds, representing ~£46 billion in assets, did not meet FCA value criteria.
- Notably, their “Global Quality Fund” has repeatedly landed in Bestinvest’s “doghouse,” falling 26% below its benchmark over three years.
Restricted advice – Despite what many clients believe, SJP advisers are not independent. They can only recommend SJP products and a limited range of funds, not the whole market.

Why Clients Are Reviewing Their Portfolios

With fees under review and the press raising tough questions, many SJP clients are using this as an opportunity to step back and reconsider their financial arrangements.

At Mather & Murray Financial, we’ve helped many clients transfer their pensions, investments, and ISAs away from SJP. The reasons vary — some want access to a wider range of funds, others want lower fees, and many simply want a second opinion from a truly independent adviser.

The Benefits of Independent Advice

Choosing an IFA means:

Whole-of-market advice – We can recommend the best solutions across all providers.
Transparent fees – No exit penalties, no hidden charges.
Flexibility – We tailor advice to your circumstances, not a product range.
Local and personal service – Based in Cricklade, we’re ideally placed between Swindon and Cirencester, offering face-to-face meetings, Zoom calls, or home visits.
Mortgage & Retirement Integration- We’re not just financial advisers — we’re also mortgage and equity release specialists in the Swindon and Cirencester region. Looking to review how your mortgage stacks up alongside basic investments? We handle that too.

Why Now Is the Right Time

SJP’s fee changes will take effect in the coming months, meaning many clients may face new structures they don’t fully understand. This makes now the perfect time to review your financial plan, especially if you are concerned about costs, performance, or whether your adviser is truly independent.

FAQs About St. James’s Place & Independent Advice

Are St. James’s Place advisers independent?
No. SJP advisers are restricted, meaning they can only recommend products from St. James’s Place and a limited number of funds. An independent financial adviser (IFA) can recommend solutions from the whole market.

Why has St. James’s Place been criticised?
The FCA has raised concerns about SJP’s fee structure, ongoing advice charges, and the use of exit fees. Critics also highlight underperformance in some of their funds compared with cheaper alternatives.

What alternatives are there to St. James’s Place?
Independent financial advisers (like us in Cricklade, serving Cirencester and Swindon) offer whole-of-market advice, lower fees in many cases, and the flexibility to choose from a wide range of investments, pensions, mortgages and protection products.

Can I transfer my investments away from St. James’s Place?
Yes. Many clients review their portfolios and move to independent advisers for greater choice and potentially better value. Exit fees may apply depending on how long you’ve held your investments, but advice can help you weigh up the costs versus benefits.

Do St. James’s Place charge exit fees?
Yes. On certain investment products, clients may face exit penalties — sometimes for up to six years. This is one reason many clients are reviewing their options as SJP changes its charging model.

What’s changing in St James’s Place’s fee structure?

The FCA has raised concerns about SJP’s fee structure, ongoing advice charges, and the use of exit fees. Critics also highlight underperformance in some of their funds compared with cheaper alternatives.

What’s changing in St James’s Place’s fee structure?
We have heard that a tiered initial advice fee (3% up to £250K, 2% up to £500K, 1% beyond) replaces the old 4.5% flat fee. Ongoing advice charges increase to 0.8%, and most fund fees range from 0.09% to 0.69%.

Do SJP funds underperform?
Yes — over 25% fail FCA value tests, and some large funds like Global Quality consistently underperform benchmarks.

Have SJP scrapped exit fees completely?
Exit charges will be removed for new clients from 26 August 2025, following FCA-driven reforms.

How can an independent financial adviser benefit me?
We offer full market access, transparent fees, independent fund selection, and mortgage advice wrapped into your financial plan — without locked-in contracts.

Final Thoughts

The ripple effects of SJP’s renewed fee model, regulatory push, and poor fund performance present an opportunity — especially for clients in Cirencester and Swindon — to reassess whether their financial firm truly has their best interests front-of-mind.

Whether you’re looking for alternative SJP advice, independent financial guidance, or a trusted mortgage adviser in Cirencester — we’re here to help. We’ve already assisted many local clients in moving away from restricted models to truly independent solutions.

Need a Review?- Local to Swindon and Cirencester

Our offices are based in Cricklade, right between Swindon and Cirencester — making us ideally placed to support clients across Wiltshire and Gloucestershire.

You can meet us: